Reuters logo
FSI trumps Street view on international demand
March 20, 2012 / 8:53 PM / 6 years ago

FSI trumps Street view on international demand

(Reuters) - FSI International Inc FSII.O posted better-than-expected quarterly results, as orders more than doubled on higher demand from its international customers, and the chip-equipment maker also forecast a strong third quarter.

Shares of the company rose as much as 11 percent in after-hours trading.

The company -- which supplies surface-cleaning equipment for silicon wafers used in chips -- said international customers accounted for two out of every three orders in the first half of fiscal 2012, compared to a half last year.

For the latest quarter, international customers contributed about 79 percent to total sales, compared with 46 percent a year ago.

The company said it expects the overall industry conditions to remain strong and that its revenue growth in 2012 would be led by mobile consumer devices and the broader adoption of solid-state memory.

“We anticipate growing fiscal 2012 revenues at a rate of that of the industry, as we gain market share for single wafer products,” John Ely, vice president of global sales, marketing and service, said on a conference call.

“Based upon quarter-to-date orders and order opportunities, we expect third-quarter order level to remain strong.”

Second-quarter net income fell to $3.7 million, or 9 cents a share, from $4.9 million, or 13 cents a share, a year ago.

Revenue rose 25 percent to $38.5 million, while orders rose 123 percent to $51.4 million.

Analysts expected the company to earn 5 cents a share on revenue of $32.1 million, according to Thomson Reuters I/B/E/S.

For the current quarter, the company expects more than $50 million in sales, compared with analysts’ estimates of $36.3 million.

Shares of the company rose to $5.09 in trading after the bell. Shares of Minneapolis-based FSI have more than doubled since they touched their year low of $1.7 in September last year.

Reporting by Monika Shinghal in Bangalore; Editing by Joyjeet Das and Anil D'Silva

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below